Glamorgan County Cricket Club has announced a positive EBITDA (Earnings before interest tax depreciation and amortisation) of £578,090 for the 12 months ending 31 December 2014, and a moderate improvement on the previous year’s levels (2013: £475,676).
After accounting for depreciation, the Club reported an operating loss of £88,237 compared to the equivalent loss of £283,208 in 2013. After exceptional items the Club is able to report a retained profit for the year of £131,867k compared to an equivalent loss of £717,149 in 2013.
Negotiations with key creditors, which resulted in an agreement for a reduction Club in debt, paved the way for the Club to release financial statements following a delay while discussions were concluded.
Due to the timing of Cardiff City Council meetings it has not been possible to conclude the annual audit process at the Club and issue fully signed and audited financial statements to members in advance of the AGM scheduled for 31 March 2015. However, this process is now almost complete and the Club is intending to issue full financial statements before the AGM.
Although 2014 has been a challenging year, as the Club hosted only one day of international cricket, there have been some notable successes:
• Membership and domestic gate revenues have increased by 39%.
• The Club made a healthy profit from the One-Day International last August between England and India
• Total budgeted expenditure for the year was £6.73m and actual expenditure was £6.63m – representing an underspend against budget of £100k.This represents a substantial turnaround from experiences in the recent past.
Glamorgan Cricket’s Chief Executive Officer, Hugh Morris, said:
The Club has continued to maintain its trend of improving financial performance since 2011 with steadily increasing EBITDA. Each year is heavily influenced by the number of days of international cricket we host and we will continue to see fluctuations in our profitability.
Last December the Club was awarded a major match package by the ECB covering the years 2017-2019, including ICC Champions Trophy and World Cup packages. This combined package will provide increasing financial security for the Club with improvements in financial performance resulting in additional resources being fed back into the Club in terms of investment into the team, the stadium development programme and community activities.